UPDATE: CBN Takes Over Skye Bank

The Central Bank of Nigeria(CBN) has assumed the ownership of the Skye Bank Nigeria Plc.

This followed the revocation of the bank’s operating license as pronouced this Friday by CBN Governor and the Managing Director of the Nigeria Insurance Deposit Corporation (NDIC), Godwin Emefiele.

Again, CBN has renamed it as Polaris Bank.

Emefiele said an injection of N786 billion has been made into the bank with the Asset Management Corporation of Nigeria asked to commence sale process of the bank from Monday.

The regulators maintain that customers deposits is safe as the management and members of staff will be retained under the new ownership structure.

Meanwhile, the share price of Skye bank on Friday gained 4.05 percent at 77 kobo.

The stock is expected to be placed on suspension from Monday in accordance with bridge bank procedures